• Twitter
  • Facebook
  • Instagram
  • Subscribe
  • Free Newsletter
  • My Account
Tyrepress
  • 0Shopping Cart
  • NewsNews
    • Latest News
    • Company News
    • UK News
    • Product News
    • International News
    • Retreading
    • Career Tracks
    • Motorsport
    • Video
    • Tyrepress Videos
  • Data
    • Leading Tyre Manufacturers
    • Leading Retailers (UK)
    • Social Media Ranking
    • Online Branding
    • Brand Finance rankings
    • Blue Light Fleet Analysis
    • Astutus Research analysis
    • Tire Market Forecasts
  • Features
    • Goodyear to buy Cooper – special supplement
    • TPMS and Sensor Technology 2021
    • Tyre Industry Conference 2020
    • Online Tyre Business 2020
    • Kick-starting your business webinar May 2020
  • Business Directory
    • Browse Entries
    • List Your Company on the Business Directory
  • Jobs
    • Situations vacant
    • Career Tracks
  • Classifieds
  • Magazine
    • Latest Issue
    • Read Tyres & Accessories Magazine online
    • Tyres & Accessories Magazine Archive
  • Shop
    • Subscription Shop
    • Report Shop
    • Directory Shop
  • About
    • Company Profile
    • Media Information
    • Frequently Asked Questions (FAQs)
    • Legal
    • Contact Us
  • Tyre Tests
  • Search
  • Menu
You are here: Home1 / News2 / Company News3 / Pirelli shareholders amend agreement, some parties end co-investment a...

Pirelli shareholders amend agreement, some parties end co-investment accord

Date: 15th October 2020 Author: Chris Anthony Comments: 0

Pirelli’s largest shareholders have amended their ownership agreement and – at the same time – certain parties have ended their co-investment stance in relation to each other.

On 30 September 2020, Pirelli updated an extract of its shareholder agreement. The Renewal of the New Shareholders’ Agreement was itself signed on 1 August 2019, took effect in April 2020 and was due to last three years.

According to Pirelli, the updated extract “reflects the effectiveness of the already announced non-proportional and asymmetrical partial split operation of Marco Polo International Italy S.r.l. in favour of PFQY S.r.l.” As a result of this split which Marco Polo assigned 90,212,508 Pirelli shares already conferred to the agreement to PFQY. In other words, Marco Polo International has split its shareholding with PFQY, but the overall ownership of the company remains otherwise the same.

Then in the same statement, Pirelli announced that on 1 October 2020 the co-investment agreement between China National Chemical Corporation, China National Tire & Rubber Corporation Ltd. and Silk Road Fund Co. Ltd. ceased:

“the Equity Investment Agreement for Co-Involvement and Investment in Acquisition of Pirelli, the Supplemental Agreement of the Equity Investment for Co-Involvement and Investment in Pirelli, as subsequently modified on April 28, 2020, and the Second Supplemental Agreement of the Equity Investment for Co-involvement in Pirelli stipulated, respectively, on June 5, 2015, July 28, 2017 and August 7, 2018 between CNRC, CC e SRF have ceased to have any effect”.

It is not clear exactly what effect the share split and the end of the co-investment agreement between certain shareholders will have in practice, but it does make the already complex ownership structure of Pirelli even more labyrinthine.

In July Marco Tronchetti Provera was re-confirmed as Pirelli executive vice-chairman and CEO.

Related news:

  1. ChemChina now holds 30% of Pirelli shares
  2. Pirelli major shareholder Chemchina restructuring
  3. Marco Polo/ChemChina buy almost 10 per cent of Pirelli shares
  4. ChemChina’s latest Pirelli shares held indirectly
Comments

Leave a Reply Cancel reply

Connect with:
Facebook Google Twitter

Your email address will not be published. Required fields are marked *

Share this entry
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on LinkedIn
  • Share on Reddit
  • Per E-Mail teilen

Advert Location 348

Related Tags

Camfin, Chemchina, China, China National Chemical Corporation, China National Tire & Rubber Corporation Ltd, Italy, Marco Polo International Italy, Ownership, Pirelli, shareholders, shares, Silk Road Fund

Advert Location 28

Top five articles this week

Advert Location 29

© 2020 - Tyrepress
  • Twitter
  • Facebook
  • Instagram
  • WhatTyre
  • Reifenpresse
  • PneusNews
Tread gently: BKT introduces tyre for smaller tractors Auto Bild tests all-season tyres – 5 ‘exemplary’ products
Scroll to top